TODAY’S S&P 500 SET-UP - September 9, 2010
As we look at today’s set up for the S&P 500, the range is 38 points or 1.74% (1,085) downside and 1.70% (1,123) upside. Equity futures are trading higher tracking gains across European equities as the region’s banking and mining stocks rebound. Today's macro highlights include: Initial Jobless Claims and July Trade Balance.
- AvalonBay Communities (AVB) said its AvalonBay Value Added Fund II unit bought an apartment community in Calif. for $98.5m
- Fuqi International Inc. (FUQI) got SEC subpoena from for failing to file periodic reports on time
- Men’s Wearhouse (MW) forecast 3Q adj. EPS 40c-47c vs est. 41c
- Questcor Pharmaceuticals (QCOR) said FDA delayed a decision on its application to sell its Acthar drug as treatment for seizures in babies
- TNS (TNS) agreed to buy Cequint for as much as $112.5m and said it will buy back up to $50m of its stock
- One day: Dow +0.45%, S&P +0.64%, Nasdaq +0.90%, Russell 2000 +0.79%
- Month-to-date: Dow +3.72%, S&P +4.72%, Nasdaq +5.43%, Russell +5.35%
- Quarter-to-date: Dow +6.27%, S&P +6.61%, Nasdaq +5.67%, Russell +4.06%
- Year-to-date: Dow (0.39%), S&P (1.46%), Nasdaq (1.78%), Russell +1.42%
- ADVANCE/DECLINE LINE: 1183 (+2599)
- VOLUME: NYSE - 879.91 (+5.96%) - No conviction and a light economic calendar
- SECTOR PERFORMANCE: All sectors were up yesterday except XLU. Tough to find a specific catalyst for yesterday’s performance, though an improvement in the risk backdrop surrounding Europe and the momentum behind the M&A rumor mill also offered some upside.
- MARKET LEADING/LAGGING STOCKS YESTERDAY: NY Times +7.99%, Priceline +5.53% and Huntington Bank +4.48%/Visa -4.13%, Nisource -3.86% and Tereadyne -3.53%
- VIX: 23.25 -2.31% - YTD PERFORMANCE: (+7.24%)
- SPX PUT/CALL RATIO: 2.04 from 2.00
CREDIT/ECONOMIC MARKET LOOK:
- TED SPREAD: 16.67 -0.101 (-0.604%)
- 3-MONTH T-BILL YIELD: .14% trading flat
- YIELD CURVE: 2.14 from 2.12
- CRB: 274.27 +0.17% - Coffee at a 13 year high
- Oil: 74.67 +0.78% up for the first day in three
- COPPER: 344.65 +0.86%
- GOLD: 1,255 -0.07%
- EURO: 1.2750 +0.14%
- DOLLAR: 82.585 -0.28%
- Nikkei +0.82%; Shanghai Composite (1.44%)
- Asian markets were mixed today even though concerns about European debt problems were addressed by successful bond auctions yesterday.
- FTSE 100: +0.51%; DAX: +0.12%; CAC 40: +0.35% (as of 04:55 ET)
- European markets opened lower, seeing some profit taking after yesterday's strong gains.
- Ireland's Finance Minister looked to reassure markets over Anglo Irish Bank saying the government hopes to produce definitive figures on the cost of its restructuring by the end of October.
- No movement on the part of the BOE; 0.5% benchmark interest rate and the £200B asset purchase program remains unchanged.
- Banks and technology groups are amongst the leading gainers with all but four sectors trading higher. US futures trade higher.